World Bank Approves $450 Million Funding For Philippine Anti-poverty Program

World Bank Approves $450 Million Funding For Philippine Anti-poverty Program

MANILA, Feb. 22 (BERNAMA-NNN-AGENCIES) — The World Bank on Saturday approved $450 million of funding for the Philippines’ flagship anti-poverty program, which will provide basic healthcare and education to millions of families until 2019.

The financing, under the bank’s Social Welfare Development and Reform Project II, will cover about 7 per cent of the total cost of implementing what is known as the conditional cash transfer (CCT) program.

Manila has allocated about 62.7 billion pesos ($1.32 billion) from its 2016 budget for the scheme, which is expanding this year to cover 4.6 million households.

–BERNAMA-NNN-AGENCIES